First Quantum Minerals Ltd.

First Quantum Minerals Ltd.

April 23, 2009 10:10 ET

First Quantum Minerals Reports First Quarter 2009 Copper Production of 88,600 Tonnes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2009) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) today reported copper production of 88,600 tonnes for the first quarter 2009, a 17% increase over the equivalent 2008 period. The quarter's production is in line with the Company's expectation and its full year estimate of 380,000 tonnes of copper.

First Quarter
Operation 2009 2008
Kansanshi 60,400 52,300
Guelb Moghrein 8,900 7,700
Frontier 19,300 13,400
Bwana Mkubwa - 2,200
Total 88,600 75,600

Stockpiles of copper concentrate at March 31, 2009 increased to approximately 37,800 tonnes of copper in concentrate (Kansanshi 30,500 tonnes, Frontier 5,300 tonnes and Guelb Moghrein 2,000 tonnes) from the December 31, 2008 level of 16,400 tonnes as a result of the increased production levels and Zambian smelting capacity constraints. With copper prices low during the quarter it was decided to wait until local smelting capacity and copper prices improved rather than export and incur the high export charges. The Company intends to send existing surplus stockpiles to all of the Zambian smelters over the next two quarters by which time it is expected that stockpiles will be reduced to normal levels.

Note: Production and stockpile numbers are preliminary and may be subject to final adjustment.

Further information will be published in the Company's first quarter operating and financial results.

On Behalf of the Board of Directors of First Quantum Minerals Ltd.

G. Clive Newall, President


Listed in Standard and Poor's

Certain information contained in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of gold, copper, cobalt and sulphuric acid, estimated future production, estimated costs of future production, the Company's hedging policy and permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, gold, cobalt and sulphuric acid, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the Alberta, British Columbia, and Ontario Securities Commissions, the Autorite des marches financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.

Contact Information

  • First Quantum Minerals Ltd. - North American Contact
    Sharon Loung
    (604) 688-6577 or Toll Free: 1 (888) 688-6577
    (604) 688-3818 (FAX)
    First Quantum Minerals Ltd. - United Kingdom Contact
    Clive Newall
    +44 140 327 3484
    +44 140 327 3494 (FAX)
    Hogarth Partnership Ltd.
    Simon Hockridge
    +44 (0) 20 7357 9477